In a move that screams “Hey, crypto users, come over here!” PayPal is offering a 3.7% yield on its PYUSD stablecoin. Because who wouldn’t want to earn interest on their digital dollars, right? And they’re doing this just in time for summer—because who doesn’t want to sit poolside, sipping a cocktail, and thinking about stablecoins?
Starting soon, U.S. users will be able to earn a solid 3.7% annually on their PYUSD holdings. That’s right, people—3.7%. You could almost buy a coffee at Starbucks every month. You’ll get paid in PYUSD, which you can convert to good ol’ U.S. dollars, send to your friends (because why not?), or use for international transfers. They’ll be accruing daily—so, basically, like a magic money garden that only blooms once a month. Classic PayPal move.
Jose Fernandez da Ponte, PayPal’s Senior VP of blockchain, crypto, and digital currencies (because why not have all of those titles at once?) said, and I quote, that the whole point of this PYUSD thing is to increase usage as a form of payment. Because, clearly, “the next generation of payment rails” is just a catchy way of saying, “Let’s make stablecoins the next big thing, even though everyone’s already kind of confused about crypto.”
So, when did this all start? Oh, just last year. PayPal launched PYUSD in 2023 with Paxos Trust Co., and, spoiler alert: it’s currently the 8th biggest stablecoin by market cap. At around $873 million, it’s still kind of the awkward middle child of the stablecoin world. Tether’s sitting at a whopping $145 billion—because it’s Tether and doesn’t need to try. Circle’s USDC is flexing with $61.7 billion. PYUSD’s like, “Hey, I’m here too!”
But don’t worry, PayPal is charging ahead because Robinhood, Revolut, and everyone’s favorite ‘let’s jump on the bandwagon’ companies are also trying to get into the stablecoin game. Meanwhile, big players like Fidelity and Stripe are lurking, probably thinking about ways to make you forget PayPal ever existed. But don’t worry, PayPal’s got this new rewards program, and guess what? The rates won’t be tied to the Federal Reserve’s whims. Because PayPal is above all that pesky bureaucracy.
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2025-04-23 16:14